Stocks Are Pointing Higher Ahead Of Major Economic Data

This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.

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**UPDATED AT 10:05 AM ON APRIL 16 – STOCKS REVERSED LOWER AFTER INITIAL JOBLESS CLAIMS SURGE**

April 16, 2020

Stocks – ACAD, MU, TSM, AMZN

MACRO – SPY, EWG

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OF ACAD

MICHAEL KRAMER OWNS IWM PUTS

This week I will be hosting a live Webinar along with a Q&A session. If you’d like to participate you can sign-up for my premium service on Seeking Alpha and StockTwits, I am offering a free 2-week trial for those that would like to give a try. 

Here are some recent titles:

Stocks are pointing to a slightly higher opening, but those gains have been slipping. Currently, the S&P 500 ETF (SPY) is indicating a roughly 20 basis point gain to start the day, but that number is likely to change dramatically after we start getting some economic data. 

At 8:30, we will see initial jobless claims, Philadephia Fed, as well as housing starts. 

Germany (EWG)

Europe is trading mostly higher but is giving back many of those really gains. Germany is up about 0.85%, but this follows a nearly 4% drop yesterday. 

germany, dax

S&P 500

At least for now, the S&P 500 futures now have a minor downtrend in the chart, and that could be suggesting we have now seen a change in the trend, and that rally of last week, is now officially over.  A drop below 2.730 on the futures sends everything lower towards 2,630. Lots of put buying in the SPY yesterday, but I will go over what I saw in the audio commentary for paying subs. First two weeks for free

S&P 500 futures

Taiwan Semi (TSM)

Taiwan Semi is rising today for now after reporting better than expected results on the top and bottom lines and giving inline guidance. There is a level of resistance around $52.20 to keep an eye out for.

tsm

Acadia (ACAD)

Acadia was initiated with a buy at Jefferies today with a $60 price target. Again, I think a rise to $51.80 is likely coming.

acadia, acad

Amazon (AMZN)

Amazon has run-up dramatically ahead of results, and I’m just wondering how much further it can run. The stock is getting overbought. They are a clear winner in all of this. It seems like a tough decision. But perhaps not being overly greedy in this environment is prudent too. That’s all I have to say here.

amazon, amzn

Micron (MU)

Micron has a similar chart to Western Digital, and it looks like a bear flag. Be careful here.

micron, mu

Anyway, good luck today! 

-Mike

Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results.  

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